All Forum Posts by: Trent Parker

Can anyone drop a line to a good tax account in Tacoma WA? Looking for one currently and honestly dont know this niche of the industry. I want to be sure my business is set up correctly to get the best tax relief possible. Our model is: Flipping

Thanks

@Jeremy Sanderson, thank you that would be great!

I would love to get into a deal like you just said!! And yes everything you mentioned on Eastside is true. I think they are having some serious money issues and just halted really everything. 

Do you have a contact for the above mentioned financing? I would love to hear more.

Just about to start flip #2 in our portfolio and was hoping someone in the south sound could recommend a couple of General Contractors? Looking to start renovations on September 1 if at all possible. Let me know who is good BP friends.

Thanks Rick! This sounds like a good fit. We are all set up with Eastside now and working towards securing a property under contract. Numbers are favorable for HML, 2% origination fee, 12% interest, 90% LTV/100% rehab. This is the best terms I have seen in the market thus far. I will be sure to do a follow up in a few months once the process is nearing the end. Thank you all for the input and good luck on your REI journey!

Yes the numbers were right, but what did end up happening was the unfinished basement turned out to have too low of ceilings to obtain permit. So now that sqft can not be considered. With that being said the numbers now don’t work without that basement sqft. Thank you for the reply! I almost had a huge winner here, but on to the next one.

I have located a house that has had fire damage and then looks like it got foreclosed on. Being a foreclosure the agent assigned to this property has not been inside to see the extent, nor will they grant access due to liability. There is no evidence of fire damage from outside the home. What other avenue of research can I do to find the extent of this fire? If anyone has been through this or knows a good tactic to analyze this property, please chime in. Would like to move quick and submit offer ASAP. Thank you in advance BP community!

@Nghi Le Makes sense. Thank you for the follow up response. I interviewed one potential partner and she wanted 50% profit and to split 50% of DP as well. To me I think if I am bringing the deal they can provide funding and then split 50/50 is fine. I would also be up for just a loan to cover the DP and they can have 30% of profit. That of course is not a sustainable business move, but to get started I am willing to take less. Thank you again!

We have not pulled the trigger yet with them, but I did find a close circle friend that has used them in the last few months and it went very very well. As soon as I get a property under contract I will be happy to post more outcome related news. FYI Eastside Funding was able to get me to a 10% DP with 3 points. Pretty nice thus far.

Yes first deal. 
Now to find that partner.... What does a partner usually ask in return when they put up the DP? Should this be a 10-20% interest on loan, or a share of profit?